HIGHBuilt-inGeographic
New York City
“10-K Item 1A: 'Our commercial portfolio is comprised of properties in New York City'”
ESRT · Concentration risk · 10-K extracted
Empire State Realty Trust (ESRT) concentration risks
Updated
The most significant concentration Empire State Realty Trust discloses is New York City, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Empire State Realty Trust’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH1
MEDIUM1
LOW2
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inTenant
32.3%
Empire State Building
“10-K Item 1A: 'the Empire State Building individually accounting for approximately 32.3%'”
LOWBuilt-inProperty_type
20.1%
retail tenants
“10-K Item 1A: 'approximately 20.1% of our commercial portfolio's annualized rent was comprised of retail tenants'”
LOWOutside partyTenant
17.4%
five largest tenants
“10-K Item 1A: 'our five largest tenants together represented approximately 17.4% of our total commercial portfolio's annualized rent'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is geographic and structural at the portfolio level, with moderate and low-share exposures at the asset and tenant levels. The entire commercial portfolio is comprised of properties in New York City — a high-share structural concentration reflecting the company's positioning as a single-market office and retail REIT. This geographic concentration means results are tied to New York City office market dynamics, tourism trends, and local economic conditions rather than diversified across multiple markets. Within the portfolio, the Empire State Building individually accounts for approximately 32.3% of the commercial portfolio — a moderate-share structural concentration given the asset's iconic status and diversified tenant base. Its weight in the portfolio means that occupancy, rental rate trends, and observatory revenue at that single asset have a disproportionate influence on overall performance. Retail tenants represent approximately 20.1% of the commercial portfolio's annualized rent — a small share by disclosed size with a structural character, reflecting the mixed-use composition of the buildings. The five largest tenants together represented approximately 17.4% of total commercial portfolio annualized rent, a low-share dependency indicating that no individual tenant or small cluster of tenants creates a single-point-of-failure. The geographic New York City concentration is the most verdict-relevant risk: a sustained downturn in Manhattan office demand or a shift in tourism patterns affecting the observatory would have outsized impact given the single-market structure.
For the engine’s reasoning on ESRT’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Diversified
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| GNL | Global Net Lease, Inc. | 1 | 3 | 1 | 5 |
| VICI | VICI Properties Inc. | 1 | 3 | 0 | 4 |
| BNL | Broadstone Net Lease, Inc. | 1 | 2 | 1 | 4 |
| ESRT● | Empire State Realty Trust, Inc. | 1 | 1 | 2 | 4 |
| WPC | W. P. Carey Inc. REIT | 1 | 1 | 0 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.